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The chair of the US House Financial Services Committee said the body would continue to monitor Facebook's cryptocurrency, Libra.
MP Maxine Waters (D-CA) released a statement on August 23 outlining the schedule for the fall of 2019. The list mentions the promise to continue the review of Libra as well as the portfolio software developed by Calibra, a Subsidiary of Facebook.
Waters has long called for further regulatory oversight of the Menlo Park-based social media giant's leap in digital assets.
In June, Waters called for a moratorium and a review of the project by Congress, just two days after the announcement of the Libra Association, a consortium of 28 companies, non-profit organizations and regulators overseeing the development and publication of Libra.
In July, she and members of Congress who were members of Congress deepened this investigation, which included a public meeting with David Marcus, Facebook's Libra project leader.
She asked:
"Are you going to stop dancing around this issue and get involved here in this committee … to a moratorium until Congress passes an appropriate legal framework to ensure that Libra and Calibra do what you claim to do?"
For his part, Secretary Steve Mnuchin said after the launch of the Libra that the project raised serious concerns about monetary policy and international finance. He raised concerns about the potential facilitation of the financing of terrorism, money laundering and trafficking in human beings and drugs as a matter of national security.
Marcus stated that Libra would have all the required regulatory qualifications for the countries in which it intended to operate.
MP Maxine Waters (D-CA) of the AfDB / Flickr Group
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